Essay On The Influence Of Law In Business

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DeVry University

Introduction to Business/ Professor Paige

The Influences of Law in Business

Richard Herendeen

May 23, 2014

There are several laws in the United States that are meant to set a standard for fair, balanced, and competitive business practices. These are, by design, a way to ensure that international trade as well as domestic is done in a reputable and progressive fashion. There are many aspects that come into scrutiny in considering whether a business is operating in a way that is fair; one view can be related to The Eagle and The Condor Theory. “There is no universally recognized definition of Fair Trade, but its principles and practices include fair wages, cooperative workplaces, consumer education, environmental sustainability, direct trade with producers, financial and technical support for producers, community development, respect for cultural identity, and public accountability through transparency.” (Stenzel, 2012). Related to this description of fair trade, there are laws in the U.S. that aim to regulate business. One such law is the Federal Trade Commission Act of 1914.
The Federal Trade Commission Act of 1914 was set up to prevent unfair competition among businesses. It also allowed for a Commission (The FTC, or Federal Trade Commission) to be formed to regulate businesses and enforce the Act, which oversees many different things- from false advertising to false claims related to where a product is made. The Act additionally allows for the Federal Trade Commission to conduct investigations and to report any such indiscretions to Congress. (www.ftc.gov). While I agree that such regulations are needed to keep an open and free marketplace, I can understand both the positive and negative aspects of suc...

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...Going back to the Eagle and the Condor Theory; it is important to remember all aspects of free trade. From consumer education to public accountability, if we operate in a way that is fair and keeps our consumers, culture, and the good of all people in mind, we can sustain in any environment. It is the responsibility of the leading nations like the U.S. to pave the way for better business tactics and allow them to spread to the far reaches of the world to ensure international trade to forever evolve.

References:
Stenzel, P.L. (2012) the Pursuit of Equilibrium as the Eagle Meets the Condor: Supporting Sustainable Development through Fair Trade. American Business Law Journal. Retrieved from http://eds.a.ebscohost.com.proxy.devry.edu/eds/pdfviewer/pdfviewer?sid=5a7e6902-f838-4caa-8415-7f12751748da%40sessionmgr4005&vid=4&hid=4203 on May 23, 2014.
www.ftc.gov

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